Instrument: USDCAD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.35641 with take profit at key level 1.35288.
Alternative scenario:
Buy if price trades above 1.35846 with take profit at 1.36071.
Fundamentals:
No fundamentals
Comment: The buck strengthened this week, an we can attribute that to the strong Non- Manufacturing PMI report, which came out very positive, it showed that the Non-Manufacturing sector of the American economy is faring very well. Currently on the H1 we see that there is a strong resistance and price might not break this resistance, without a strong fundamental. So we expect price to range for the time being.
Analysis: SCRUM Team